Summary by Futu AI
Conduit Pharmaceuticals Inc. (Conduit) reported its financial performance for the quarter ended March 31, 2024. The company experienced a net loss of $3.6 million, compared to a net loss of $1.7 million in the same period the previous year. Research and development expenses were $128,000, attributed to the development of co-crystals of AZD1656, a compound targeting autoimmune diseases. General and administrative expenses increased by 87% to $2.8 million, primarily due to higher salaries and stock compensation expense, as well as insurance-related costs. Other income and expenses resulted in a net expense of $597,000, mainly due to the issuance of warrants. Interest expense was reported at $119,000. Conduit's cash flow from operating activities was a net use of $2.4 million. The company did not engage in investing activities and had no cash flow from financing activities for the quarter. Conduit's management is seeking additional capital to fund operations and continue as a going concern. The company's future plans include advancing clinical assets through development and seeking partnerships for licensing opportunities.